Petersburg is on the brink of potentially becoming home to a new casino. The Virginia Lottery Department has given its nod to the city’s plans, marking a significant step forward. All that remains now is for a judge to greenlight the referendum to allow residents to vote on the matter in November.
State approval for casino referendum:
In a letter dated July 9, addressed to City Manager March Altman and City Attorney Tony Williams, the Lottery Department confirmed Petersburg’s status as a casino host city. The letter granted permission for the city “to proceed to the local referendum.” If the Petersburg Circuit Court approves, the referendum will occur during the general election on November 5.
The City Council has planned a special session to formally adopt a resolution seeking the referendum’s approval. Joanne Williams, a spokesperson for the city, indicated that an official statement regarding the approval would be made at this meeting.
PPE Casino Resorts Petersburg LLC, the operator behind the proposed casino, envisions a $597 million project. The complex will span 92 acres on Brassfield Parkway, near Wagner Road and Interstate 95 in south Petersburg. The development will unfold in two phases: an initial $142 million interim casino could open within a year if the referendum passes, followed by a $454.2 million permanent complex. The latter will feature a casino, a five-star hotel, numerous restaurants, and an entertainment venue.
Over the next 15 years, PPE plans to develop a multi-use community around the casino, incorporating retail, office, and residential spaces. According to the documentation submitted to the Lottery Department, PPE intends to finance up to 50% of the casino construction with a loan from M&T Bank, headquartered in Buffalo, New York.
As The Progress-Index reports, the entire project will be financed through PPE’s cash equity, ensuring no Petersburg funds are used for its construction. PPE is a limited liability corporation owned by Maryland-based The Cordish Companies and Bruce Smith Enterprise, a firm from Tidewater owned by NFL Hall of Famer Bruce Smith, a former Virginia Tech football star.
Petersburg joins Virginia’s casino cities:
The Lottery Department’s approval was granted just nine days after Petersburg was officially recognized as Virginia’s fifth casino-host city, joining Bristol, Danville, Norfolk, and Portsmouth. Currently, casinos are operational in three of these cities. Bristol and Danville host temporary casinos associated with Hard Rock and Caesars, respectively, while Portsmouth is home to the permanent Rivers Casino. Rivers Casino’s parent company, Rush Street Gaming, was among the five contenders for the Petersburg project.
The Petersburg casino, to be known as Live! Casino & Hotel Virginia will expand Cordish’s gaming portfolio, including locations in Florida, Maryland, and Pennsylvania.
Petersburg’s meticulous process of establishing a casino reflects the broader trend of casino development in Virginia. The state’s approach aims to boost local economies through well-regulated gaming operations. Should the November referendum pass, Petersburg will join the ranks of cities leveraging casino revenues for community development and growth.